Core Insights - The automotive industry is returning to rationality after a period of "involution," with average price reductions for new energy vehicles and fuel vehicles at 17,000 yuan and 13,000 yuan respectively, representing decreases of 11.1% and 10.4% [1] - Sales data for July indicates a mixed performance among major manufacturers, with several experiencing year-on-year declines in sales [1] - The total retail market for narrow passenger vehicles in July is estimated at around 1.85 million units, showing a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1] Group 1: Major Players in the Market - BYD remains the leader in sales among the "self-owned five strong," with over 340,000 units sold in July, maintaining a stable monthly sales figure of around 380,000 units for five consecutive months [2][4] - Geely and Chery follow closely, with Geely's sales at 237,700 units, supported by a 120% year-on-year increase in its new energy segment [4] - Chery's sales reached 224,400 units, bolstered by strong export performance, while SAIC's sales were 214,000 units, with a balanced contribution from new energy and overseas markets [4] Group 2: New Energy Vehicle Segment - Leap Motor leads the new energy vehicle segment with over 50,000 units sold in July, marking a year-on-year increase of over 126% [5] - Xiaopeng and Xiaomi also performed well, with Xiaopeng delivering 36,700 units (up 229% year-on-year) and Xiaomi exceeding 30,000 units for the first time since its launch [7] - Ideal and NIO showed fluctuations in sales, with Ideal delivering 30,700 units and NIO 21,000 units [7] Group 3: Joint Venture Brands - Joint venture brands are experiencing a resurgence, with FAW-Volkswagen selling 113,000 units in July, and both Toyota brands achieving sales of 60,000 units each [9] - SAIC-GM saw significant growth, with sales increasing by 181.68% year-on-year to 42,300 units, driven by strong performance from the Buick brand [9] - Several joint venture new energy models are gaining traction, with GAC Toyota's pure electric SUV and Dongfeng Nissan's N7 showing promising sales figures [9] Group 4: Market Outlook - Despite seasonal challenges, the overall automotive market is expected to maintain steady growth, particularly in the new energy vehicle sector, which is injecting new vitality into the market [10]

Group 1 - In July 2025, the company achieved a record delivery of 50,129 vehicles, representing a year-on-year growth of 126.9% and a month-on-month increase of 4.4% [1] - Cumulatively, from January to July 2025, the total sales reached 272,000 vehicles, marking a year-on-year increase of 149.8% [1] - The company has set a sales target of 500,000 vehicles for 2025, anticipating continued rapid growth in sales and revenue [1] Group 2 - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 and B01 already launched in 2025, and an additional B-series model planned for release priced between 100,000 to 150,000 yuan [2] - As of June 10, 2025, the company has established 942 stores in China, including 303 main stores, 492 experience centers, and 147 service centers, covering 286 cities, along with over 600 sales and service outlets internationally [2] - The company is increasing investment in intelligent driving technology, with the LEAP 3.5 system set to be implemented across four major series, offering lifetime free OTA upgrades [2] Group 3 - The company is leveraging its technological advantages to create a strong price-performance ratio, leading to rapid sales growth and improved financial metrics, with a focus on achieving profitability in the domestic market [3] - The partnership with Stellantis, the fourth largest automotive group globally, allows the company to utilize its extensive sales and service network for a low-investment, flexible international expansion strategy [3] - Projected sales for the company are expected to reach 570,000, 890,000, and 1,210,000 vehicles in 2025, 2026, and 2027 respectively [3]

全域自研是零跑最重要的竞争策略之一，尤其在新能源车最核心的三电领域，零跑多年前便尝试自研，并孵化出了主营电驱系统研发的凌昇动力，以及上 述的凌骁能源等子公司。 7月份，零跑CEO朱江明又表示，会将自研范围，从三电、智能座舱、智能驾驶，扩大至所有有能力自研的高附加值零部件。 而零跑自研零部件的目的，不仅是降本，在某种程度上，它还想复制比亚迪的成功路径——既卖整车，也外供零部件。 对零跑来说，电池包是整车上最核心的零部件，接到多家商用车企的电池包订单，意味着零跑的零部件外供业务，进入了一个新局面；于宁德时代而言， 引入零跑这样一个"中间商"，或将使宁德时代凭借更具性价比的方案，在商用车市场获取更多市场份额。 难入乘用车供应链，零跑入局商用车 近日，36氪汽车了解到，零跑汽车自研的电池包也已开始外供，其电芯采购自宁德时代及其他电池厂商，电池包则来自零跑。这项业务由零跑旗下，一家 专注于电池技术研发的子公司凌骁能源承接。 目前这家子公司已接到超过5家新能源商用车客户的订单，同时它也在持续开拓新的客户。犀重新能源就是正与之深入洽谈的商用车企之一。 Stellantis就是零跑的重要客户之一。去年，零跑与Stellant ...

相关事件 零跑汽车(09863.HK)将于8月18日举行董事会会议以审批中期业绩 零跑汽车(9863.HK)：7月销量突破5万 辆 B01正式上市 格隆汇8月6日丨零跑汽车(09863.HK)公告，公司董事会将于2025年8月18日举行董事会会议，以(其中包 括)批准集团截至2025年6月30日止六个月的中期业绩及其刊发，及派付中期股息(如有)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 董事會會議召開日期 及 2025年中期業績電話會議 本公司管理層將於2025年8月18日（星期一）（北京╱香港時間）下午七時正透過網 絡直播就本集團截至2025年6月30日止六個月的中期業績舉行電話會議（「業績電 話會議」）。 浙江零跑科技股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）茲宣佈謹訂於2025年8月18日（星期一）舉行董事會會議，以（其中包 括）批准本集團截至2025年6月30日止六個月的中期業績及其刊發，及派付中期股 息（如有）。 有意參加業績電話會議的投資者請在業績電話會議開始時間至少20分鐘前使用以 下的鏈接完成在線登記： https://ir.leapmotor.com/zh-hans/active 。 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙江零跑科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） ...

Core Insights - The automotive industry is returning to rationality after a period of "involution," with average price reductions for new energy vehicles and fuel vehicles at 17,000 yuan and 13,000 yuan respectively, representing decreases of 11.1% and 10.4% [1] - Sales data for July indicates a mixed performance among major manufacturers, with some experiencing year-on-year declines in sales [1][2] - The total retail market for narrow passenger vehicles in July is estimated at around 1.85 million units, showing a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1] Group 1: Domestic Brands Performance - BYD remains the leader in sales among domestic brands, achieving over 340,000 units in July, maintaining a stable monthly sales figure of around 380,000 units for five consecutive months [4] - Geely and Chery follow closely, with Geely's sales at 237,700 units, supported by a 120% year-on-year increase in its new energy segment [4] - Chery's sales reached 224,400 units, bolstered by strong export performance, while SAIC's sales were 214,000 units, with a balanced contribution from new energy and overseas markets [4] Group 2: New Energy Vehicle Segment - Leap Motor leads the new energy vehicle segment with over 50,000 units sold in July, marking a year-on-year increase of over 126% [5] - Xiaopeng and Xiaomi also performed well, with Xiaopeng delivering 36,700 units (up 229% year-on-year) and Xiaomi exceeding 30,000 units for the first time [6] - Li Auto and NIO showed fluctuations in sales, with Li Auto delivering 30,700 units and NIO 21,000 units [6] Group 3: Joint Venture Brands - Major joint venture brands are experiencing a resurgence, with FAW-Volkswagen selling 113,000 units in July, reflecting a year-on-year market share increase of 0.5 percentage points [8] - Toyota's joint ventures each sold around 60,000 units, with FAW Toyota achieving a 3% year-on-year growth [8] - SAIC-GM saw a significant increase in sales, with a year-on-year growth of 181.68%, driven by strong performance from the Buick brand [8] Group 4: Market Outlook - Despite seasonal declines and regional disparities, the overall automotive market is expected to maintain steady growth, particularly in the new energy vehicle sector, which is injecting new vitality into the market [9]

中国机械工业联合会发布的数据显示，今年上半年新能源汽车市场渗透率达到44.3%，刷新了同期历史 纪录。这一数据表明，新能源汽车在国内汽车市场中的地位持续巩固。 据统计，今年上半年新能源汽车产量达到687万辆，同比增长36%。与此同时，燃油车同期产量为869万 辆，两者对比反映出新能源汽车增长势头的强劲。新能源汽车零售销量在上半年达到546.2万辆，其中5 月和6月销量均超过100万辆。 新能源汽车出口也呈现良好势头。今年1至3月自主新能源汽车出口增长83%，新能源占自主出口的 35%。虽然对俄罗斯出口出现下降，但自主品牌在俄罗斯市场份额仍保持55%以上的高位。 转自：金融界 汽车消费在社会消费品零售总额中占据重要位置。今年上半年汽车类消费额达到4638亿元，同比增长 5%。社会消费品零售总额累计达24.55万亿元，同比增长5.0%。新能源汽车的强劲表现为整体汽车消费 增长提供了重要支撑。 自主品牌在新能源汽车市场中表现突出。6月份自主品牌新能源车渗透率达到75.4%，豪华车新能源渗 透率为30.3%，主流合资品牌新能源渗透率仅为5.3%。这一差距反映出不同品牌在新能源转型方面的进 展程度。 市场格局正在发生深 ...

Core Viewpoint - The article discusses the recent launch of the Leapmotor B01, highlighting its sales performance, customer demographics, and competitive positioning in the electric vehicle market. Sales Performance - The sales of the B01 have seen an increase in foot traffic, with an estimated 35% of customers visiting the store specifically for this model, leading to 8 units sold, predominantly the mid-tier 650 Joy version [2][19]. - The most popular colors for the B01 are Starry Silver and Dawn Purple, accounting for 6 out of the 8 sold units [3][19]. Customer Demographics - Customers interested in the B01 are primarily under 35 years old, with over 60% being female. Male customers tend to be married and focus on practicality, while female customers are often single and prioritize aesthetics and convenience [4][6]. Competitive Analysis - The B01 is frequently compared to models from Xiaopeng, BYD, and other competitors, with 60% of customers having considered Xiaopeng and BYD vehicles [9][10]. - Customers have high expectations for the B01's pricing and intelligent driving capabilities, which has led to some disappointment regarding its performance compared to competitors [10][23]. Pricing and Promotions - The initial deposit for the B01 was 99 yuan, which could be deducted from the final payment, but this promotion has ended. Currently, customers receive a delivery package with plush toys and mats instead of cash discounts [14][19]. - The manufacturer offers a financing option with a 5,000 yuan interest subsidy, allowing customers to borrow up to 83,000 yuan with a two-year interest-free period, which is the most popular choice among buyers [17]. Configuration Preferences - The most popular configuration is the mid-tier 650 Joy version, making up 50% of orders, while the lower-tier 430 Comfort version has seen little interest due to its limited range [19]. - The least popular color is Morgan Pink, which, despite being favored by female customers, is perceived as impractical for purchase [21]. Customer Feedback - Customers have expressed concerns about the B01's intelligent driving capabilities, which they feel do not meet the high expectations set by the manufacturer’s marketing [23]. - There are also concerns regarding the variability of battery cell suppliers, leading to uncertainty about the product's reliability [23]. Maintenance Costs - Regular maintenance costs for the B01 are approximately 150 yuan per service, with intervals set at one year or 10,000 kilometers [24].

Core Insights - July saw a moderate growth in the new energy vehicle (NEV) market despite being a traditional off-peak season for passenger car sales, with delivery volume growth slowing down year-on-year [2][3] - The overall delivery volume of NEVs in July showed a year-on-year increase of 11.2% but a month-on-month decrease of 6.2% among 11 car manufacturers [2][3] - The upcoming months are expected to see improved sales as multiple new models are set to launch, coinciding with the traditional peak sales season in September and October [6] Company Summaries - **BYD**: In July, BYD sold 341,030 passenger vehicles, a slight year-on-year increase but a month-on-month decrease of 9.7%. Exports reached 80,178 units, a significant year-on-year increase of 159.5% [2][3] - **Xiaomi Auto**: Achieved over 30,000 deliveries in July, marking a new monthly delivery record [2] - **Horizon Smart Mobility**: Delivered 47,752 units in July, an 8.3% increase year-on-year, but a 9.5% decrease month-on-month [3] - **Xpeng Motors**: Delivered 36,717 units in July, with year-on-year and month-on-month growth of 229.4% and 6.1%, respectively, setting a new monthly delivery record [3] - **Li Auto**: Delivered 30,731 units in July, with year-on-year and month-on-month declines of 39.7% and 15.3% [3] - **NIO**: Delivered 21,017 units in July, with a year-on-year increase of 2.5% but a month-on-month decrease of 15.7% [4] - **Leap Motor**: Achieved 50,129 deliveries in July, marking a year-on-year increase of 127% and a month-on-month increase of 4% [4] - **Avita**: Delivered 10,062 units in July, with a year-on-year increase of 177.6% but a slight month-on-month decrease of 0.9% [5] Market Outlook - The market is expected to improve in August as several new models are set to launch, including Li Auto's i6 and new versions of Xpeng's P7 and Horizon's R7 and S7 [6] - The industry remains optimistic about BYD's smart driving and export capabilities, as well as Xpeng's new model launches contributing to sales and profit margin improvements [6]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - In July 2025, the company delivered 50,129 vehicles, representing a year-on-year growth of 126.9% and a month-on-month growth of 4.4%. Cumulatively, from January to July, the total sales reached 272,000 vehicles, up 149.8% year-on-year. The company anticipates continued sales growth driven by a strong new car cycle and overseas expansion through collaboration with Stellantis [2][8]. Summary by Sections Sales Performance - The company achieved a record high in July with 50,129 vehicle deliveries, marking a 126.9% increase year-on-year and a 4.4% increase month-on-month. The total sales from January to July reached 272,000 vehicles, reflecting a 149.8% year-on-year growth [5][8]. Future Outlook - The company has set a sales target of 500,000 vehicles for 2025, expecting sustained high growth. The launch of the B01 model on July 24, priced from 89,800 yuan, received strong market interest with 10,132 orders within 72 hours. The company plans to introduce 2-3 new products globally each year over the next three years [8]. Product and Market Strategy - The company is expanding its product lineup across different price segments, with models priced between 50,000 to 200,000 yuan. The overseas strategy includes partnerships with Stellantis to leverage their global resources for a more agile market entry. The company aims to enhance profitability through exports and localized production [8]. Distribution Network - As of June 10, 2025, the company operates 942 stores in China, including 303 main stores and 492 experience centers, covering 286 cities. Internationally, it has over 600 sales and service points across more than 24 markets [8].